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Singapore A Gateway to Asia

Ideal Place for Your Business

Singapore is your gateway to the region's resources, talents and markets of 500 million people in the Southeast Asia and 2.8 billion in Asia - all within not more than a seven-hour flight away. Singapore has a multi-racial population of approximately 5.3 million people.

Singapore has a multi-racial population of approximately 5.3 million people. The population consists of Chinese (77%), Malays (14%), Indians (8%) and others (1%). There are four official languages: Malay, Chinese (Mandarin), Tamil and English.

English is the language of administration and business while Malay is the national language. Singapore’s literacy rate is among the highest in Asia.

Singapore: Springboard to the Asia-Pacific Region, China and India

Singapore is strategically located in a region of opportunities. Located at the heart of Southeast Asia, Singapore is well placed to serve the fast-growing markets of the Asia-Pacific region.

Growth in Asia, driven largely by China and India are expected to surpass those in other parts of the world. Singapore seeks to ensure its relevance and connectivity to growth markets, not just in Asia but also beyond. As part of this initiative, Singapore has concluded Free Trade Agreements (FTAs) with major economies, including the United States, Japan, Australia, New Zealand, and most recently India. There are ongoing FTA talks with other countries. These FTAs provide privileged access to the markets of partner countries. Beyond the immediate region, Singapore is also building linkages with countries further a-field including the Middle East, capitalising on the growing trade and investment interests between these two regions.

With its strong historical, cultural and business linkages to the Asia-Pacific neighbours, Singapore serves as the springboard for multi national corporations (MNC) and small & medium size enterprises (SME) to major developing markets such as Indonesia, China and India where there is tremendous business potential.

Over the years, businesses have taken advantage of Singapore’s unique position and expanded. The comparative advantage operating in Singapore includes;

Unmatched physical, legal and social infrastructure

Pro-business tax regime

Wide range of financing schemes

Highly skilled domestic labour force and easy entry to foreign talent

An ever-expanding network of free trade agreement (FTA) and investment guarantee agreements that give Singapore-based business preferential and safe access to international market.

Infrastructure

Singapore’s well-developed and efficient infrastructure is reputed to be one of the best in the region. The country’s airport, seaport, road transport, industrial estates, telecommunications network, business and financial centre and convention facilities are the result of long range vision and careful planning.

International travel out of Singapore is equally convenient, with more than 60 international airlines operating scheduled services through Singapore to 152 cities in 51 countries worldwide.

Banking and Financial Services

Singapore has developed into an international financial centre and has a relatively open and well-developed banking and financial services sector. In addition to the local banks, there are foreign banks with full licences, restricted licences and offshore banking licences, as well as a number of foreign merchant banks, securities firms, investment banks, fund managers, futures brokers, leasing companies, etc.

All banks in Singapore are licensed under the Banking Act, which is administered by Monetary Authority of Singapore (“MAS”).

Financial institutions in Singapore also trade around-the-clock with Asia-Pacific centres, as well as European and American centres, making Singapore a significant hub for 24-hour trading in foreign exchange and securities.

Foreign Exchange Control

There is no foreign exchange control in Singapore. No approval is required for any payment, remittance or capital transfer in any currency or to any country.

Taxation

Singapore tax system is on a territorial basis. Generally, only income accruing in or derived from Singapore or received in Singapore from outside Singapore is subject to tax.

To create an environment that supports and enterprise, and attract investments in Singapore, Singapore Government announced competitive tax regime in recent years and certain type of foreign income remitted into Singapore are exempt from Singapore income tax.

Taxes are levied on the income of companies and individuals. Corporate taxes rate are about 8.5% up to $300,000 profits and flat 17% above that. Personal tax rates start at 0% and max out at 20%.Presently, there is no capital gains tax.

Goods and Services Tax ("GST")

GST is a tax imposed on the supply of goods or services made in Singapore. GST is payable on any taxable supply made by a taxable person in the course or furtherance of any business carried on by him; and on the importation of goods into Singapore.

GST is only required to be charged on a supply of goods and services made in Singapore.

Estate duty

There is no estate / death / inheritance tax in Singapore.

This makes Singapore an attractive place for wealth to be invested and built up, whether by Singaporeans or foreigners who bring their assets here.

Labour Law

The most prominent feature of Singapore's industrial relations environment is the absence of labour unrest. Employee groups may be represented by trade unions but membership is not compulsory.

The Industrial Relations Act regulates the procedure for collective bargaining and negotiation. The National Wages Council, which comprises representatives from employer groups, employee unions and the government, sets guidelines for wage increases each year.

Singapore has a large skilled workforce to meet industry demand. In addition to grooming the local workforce meet the demand of the industry, Singapore also has an open door policy to international talent and expertise.

Immigration

Singapore has created a generally good climate for the foreign visitors and workforce. Unlike that of many countries, Singapore labour and immigration law differentiates among different categories of employees in terms of requirements, validity and accessibility of obtaining work permits.

Working and Residing

Foreign nationals need a valid Work Pass in order to work in Singapore. Singapore's Work Pass Framework distinguishes following types of Work Pass:

Work Permit

S Pass

Employment Pass

Entrepreneur Pass

Personalised Employment Pass

For corporate migration, Employment Pass or Entrepreneur Pass will be ideal.

Government Assistance

Financial and tax incentives are granted upon application to target sectors and to significant foreign investors through the various government agencies, in particular the Economic Development Board, Trade Development Board, Spring Singapore, National Science and Technology Board, IDA Singapore, BCA Singapore etc.

Ideal Place for You and Your Family

Singapore is one of the safest and cleanest cities in the world with a longstanding socio-political stability, extensive and efficient network of public transportation, world-class healthcare and excellent education systems. What is more, Singapore's multi-racial and multi-religious society offers an exciting and mix of cultures, all manner of digital-age entertainment and an unending array of culinary temptations-a delightful cosmopolitan city to live in with a vibrant lifestyle for you and your family

Conclusion

Therefore one should consider Singapore, as it welcomes foreign investment, particularly in the services sector and in areas that develop technological, management and labour skills. Businesses are viewed as valuable contributors to economic growth.

The following should be the deciding factors;

Strategic location with good infrastructure

Honest and open government with pro-business ideals

Good labour force

There are generally no restrictions on the foreign ownership of businesses, although some types of businesses require special licenses from the government, such as banks, finance companies, insurance and stock broking firms. A few manufactured items also require licenses.

Capital, profits, dividends and royalties may be freely imported or repatriated.

Low corporate and personal tax rates.

Relaxed immigration facilitation for entry and stay for foreign investors, entrepreneurs and business executives who plan to set up and conduct businesses in Singapore.

Government offers a wide range of investment incentives, notably tax concessions, both to promote new investment in favoured industries and services and to encourage existing enterprises to upgrade. No distinction is made between foreign and local investment capital in the granting of these concessions.